Air Seychelles on profits track as revenues jump in first half

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Air Seychelles more than doubled revenues for the second quarter to $26 million, a performance it says puts it on track for second consecutive profitable year.

While the airline, which has seen a change in its financial fortunes since embarking on a new a strategy after Etihad bought into the carrier, has not released profit or less figures, it is highlighting the sharply improved revenue performance.

Passenger revenues in the second quarter jumped more than $10 million to $17.5 million as passenger number rose 56% to nearly 83,000. Freight traffic also quadrupled in the second quarter over the same stage last year.

Total revenues for the first half topped $42 million, compared with $18.8 million in the same period last year.

Air Seychelles' chief executive, Cramer Ball, says, "At the beginning of the year, we committed to the further development of our network through organic growth and partnerships and we have delivered on that promise. Today, thanks to our new codeshare partnerships and the expansion of our codeshare agreement with Etihad Airways, Air Seychelles now proudly flies to four continents.

"We are realising significant returns on these relationships, with a 34 per cent contribution to our total revenue in the second quarter," says Ball, adding the airline is "on track for a second year of profitability".

Air Seychelles, in which Etihad holds a 40% stake, in 2012 ended three years of losses by finishing $1 million in the black.